Report : Europe Network Security Firewall Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component (Solution and Services) and Deployment (On-Premise and Cloud)
Services Segment to Dominate Europe Network Security Firewall Market during 2018–2027
According to The Insight Partners market research study on “Europe Network Security Firewall Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and Deployment,” is expected to reach US$ 1907.5 Mn by 2027 from US$ 713.9 Mn in 2018. The market is estimated to grow at a CAGR of 11.7% from 2019 to 2027. The report provides trends prevailing in the Europe network security firewall market along with the drivers and restraints pertaining to the market growth. Rising adoption of cloud and BYOD is the major factor driving the growth of the Europe network security firewall market. However, shortage of skilled workforces hinders the growth of Europe network security firewall market. Furthermore, the outbreak of corona virus is a major shock to the European economy. Most of the European countries are entering into the lockdown phase to prevent the explosion of epidemic, which would lead to the death of many lives and the collapse of healthcare system. The consequences of lockdown are felt on both supply and demand side. The European economy is expected to shrink by 0.1%, with negative growth rate in first half of the year 2020, followed by mild recovery in the second-half of 2020. Countries such as UK, Italy, and Germany are expected to have bigger impact on the economy. Inflation is likely to volatile the supply and demand side. The imbalance in the demand and supply side and the lockdown phase in several European countries will have the significant negative impact on the network security firewall market in the first half of year 2020. The lockdown phase has drastically affected the supply chain. Due to the shutdown of businesses and the fall in the demand of network security firewall in the first quarter of 2020, the market is significantly impacted. Moreover, due to the falling GDP, the market will have negative impact on the growth rate of network security firewall market. However, the increasing number of work from home population, the market will witness potential demand of firewall services since; the risk of cyber threats is high.
The market for network security firewall market is segmented into component, deployment, and country. Based on component, the market is segmented into solution and services. In 2018, the solution segment held the largest share in Europe network security firewall market. Similarly, based on deployment, the market is bifurcated into on-premise and cloud. The cloud segment contributed a substantial share in 2018.
Adaptive Mobile security, AMD Telecom S.A., ANAM Technologies, Cellusys, Cisco Systems, Inc., Mobileum Inc., Openmind Networks, SAP SE, and Symsoft AB (Sinch) are among the leading companies in the Europe network security firewall market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Mobileum Inc. through MegaFon announced RAID Risk Platform used to safeguard maximum control of business risks as well as enhance the profitability with the help of 5G networks and LTE Advanced.
Europe Network Security Firewall Market, By Country, 2018 and 2027 (%)
The report segments the Europe Network Security Firewall market as follows:
Network Security Firewall Market – By Component
Network Security Firewall Market – By Deployment
Network Security Firewall Market – By Country